Spending by consumers to increase to $2.1trn by 2025- CPC

Spending by African consumers is set to increase to about $2.1 trillion by year 2025 up from $1.5 trillion in 2015, the Director General of the Consumer Protection Council (CPC), Babatunde Irukera, has said.

Irukera made the declaration in a presentation he made at the Africa Policy Forum of the University of Leeds’Centre for African Studies.

According to a statement by the CPC on Wednesday, Irukera spoke on subject, “Africa’s Emerging Market: A matter of Asset and Access.”

The CPC boss described the African population as one of its greatest economic assets and advocated the implementation of strategies to reduce poverty and achieve significant economic growth.

According to him, this growth should be driven by key factors such as a young and growing population, rising incomes, rapid urbanisation and widespread adoption of technology.

He said: “Coordinated policy and execution that recognise our asset, and regulate access in a manner that advances our causes and economies is the curve we need to turn to see the continent’s wide growth.

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“The kind of growth that connects the numbers to people and lives such as moving people up from poverty to shared prosperity.

“Therein exactly lies the secret, rule and purpose of governance. At the heart of this is promoting a robust market and asset management modified only by market regulations that catalyse and protect.”

He also noted that economic performance was generally measured by spending and consumption indices, saying this could be achieved through competitive regime.

Irukera said: “Spending is usually considered a matter of disposable income. However, spending is as much a matter of satisfaction as it is of disposable income. Satisfaction is primarily about choice, price, quality and treatment.”

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